The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $4.241. Goldman Sachs may enter the cryptocurrency trading arena. Goldman Sachs interest in bitcoin started off with the firm discounting nearly every benefit the technology had to offer a few years ago. A couple of years down the line the financial management company suddenly couldn't stop talking about bitcoin and this time highlighting its positive attributes. Goldman Sachs also has technical stock and forex analysts watching the market closely and has given investors trading advice in a few market reports. The technical picture for today looks bearish.
Trading recommendations:
According to the 15M time frame, I found the broken trading range and upward trendline, which is a sign that sellers are in control. I expect, re-testing of gap zone and potential testing of $4.196. There is a hidden bearish divergence in the background on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities.
Support/Resistance
$4.418 – Intraday resistance (price action)
$4.240 – Intraday support (price action)
$4.195 – Projected target (price action)
$4.018 – Short-term downward target (price action)
With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.
The material has been provided by InstaForex Company - www.instaforex.com